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Press release from CNW Group

Welichem shareholders approve asset purchase agreement with Stiefel, a GSK company

Friday, July 06, 2012

Welichem shareholders approve asset purchase agreement with Stiefel, a GSK company10:15 EDT Friday, July 06, 2012VANCOUVER, July 5, 2012 /CNW/ - Welichem Biotech Inc. ("Welichem" or the "Company" TSX.V: WBI) announces that Welichem shareholders at a special meeting of the Company held today have approved the previously announced agreement with Stiefel, a GSK company for the acquisition by Stiefel of exclusive development and commercialization rights to the novel anti-inflammatory agent, WBI-1001.  The transaction remains subject to final approval of the TSX Venture Exchange and is expected to close by the end of July.About Welichem Biotech Inc.Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of autoimmune diseases and cancers.  For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This press release contains forward-looking statements that include our belief as to the potential of our products. Certain risks and uncertainties such as our ability to successfully commercialize the products could cause the Company's actual results to differ materially from those in the forward-looking statements.For further information: Liren Tang, President and Chief Executive Officer. Tel.: (604) 432-1703, Email: